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Thanks for the info. I'll go get quotes from a reno company to do the work.

That's what I thought but if I'm claiming as a depreciation deduction couldn't I just some firm to do a depreciation schedule and use that. I guess its the interest too I need to look at.

Hi I'm looking at renovating my IP and for some parts getting my uncle to do some painint and paying him for it but no invoices. Funds will be taken from a IP mortgage account and interest claimed as a tax deduction. Is this a No, No? Other option is to get a reputable company (not...

Thanks for the advice. No use crying over spilt milk. Pay $200 and pass Go.

Hi Just wondering if there is any Line of credit accounts that allow sub-accounts without charging additional fees to set it up, apart from the initial fee. No ongoing fees. I bought an IP with a Westpac professional package loan with 90% LVR with LMI. I also have a FirstMac refinanced IP...

Thanks for the info. The professional package only has the IP loan and credit card. Not that I wanted a CC but they gave it too me anyway, so I guess I'll use the black piece of plastic or plastics (Mastercard & Amex). Mainly for the 0.90% discount and higher LVR than St George.

Hi Am I able to instruct my solicitor to take out their fees and any other loan fees from the IP loan account? Ok, I can probably instruct them but will this taint any deductibility of loan interest as I assume the conveyancing costs are capital costs and not tax deductible. Loan fees...

Thanks Terry

Hi all I?ve been reading on SS how you shouldn?t pay for a deposit for an IP from personal funds then reimburse yourself out of loan funds as the Tax Office would treat this as personal expense and may disallow the interest on the entire loan. But what if my wife pays for the deposit then...

Thanks for info, Arnoldus.

Hi, Just wondering what people thoughts on the South Quarter Drive estate in Loganlea as an IP, and if anyone is looking at this estate as an IP. poor public transport and therefore difficult access to everywhere including Logan hospital, Tafe and uni...

Thanks Jamie.

Hi Can someone please clarify. If loan contracts are in joint names and the IP is in my name only then I could get the loan interest fully tax deductible under my name. Is that right? Cheers,

Hi Shanin Can you please explain what you mean? Cheers D

Thanks for the advice everyone. Strategy is buy and hold, I'm currently refinancing from ANZ's variable of 5.48%. Originally 3 year fixed rate IO in 2001, now P&I. So now want to pull some equity out of the IP to buy more IPs. Spoke with the broker and he clarified that I would switch the...

Sorry, I don't know how knowledgeable brokers are supposed to be but I'm dealing with a broker for the very first time and he suggested I go with the ING variable rate cause "it was good for me". Asked him about the ING 5 year rate and he just said we change later. Is that because you get a...

Where to purchase? I'm taking the approach as a business decision so I have no preferable city. Probably not NSW due to Land Tax implication though I was reading that I could buy through a Land tax unit trust. Want to buy in the next boom location (I know everyone else does too) but...

I suppose I have 2 IPs in Brisbane I bought over 10 years ago. Haven't done anything since, so now I've decided to get back into buying more IPs. The 2 IPs I have were bought were just lucky that they have doubled in value, so now I'm thinking strategically and thought a BA might help (as all...

Hi all My first post, but the forum makes an interesting read. I'd be interested too what people think of Open wealth Creation. I had a Skype session with one of their consultants and wasn't convinced of their strategy for me. I believe their strategy is a one strategy fits all approach...